PepsiCo, Beyond Meat partner to develop new plant-based snacks: Report

PepsiCo Inc and Beyond Meat Inc said on Tuesday they would form a joint venture to develop and sell snacks and beverages made from plant-based protein.
 

Beyond Meat's shares, which gained about 65% last year, were up 22.4% in premarket trading, while those of PepsiCo were up 1%.
 

Plant-based meat alternatives, such as burger patties and sausages from Beyond Meat, have gained in popularity in recent years as curious health-conscious consumers look to broaden or shift from chicken, pork and beef-based diets.
 

Beyond Meat suffered a surprise loss in its last reported quarter as demand for its products at restaurants